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Vietnam to develop projects with Armenia for garment industry

Vietnam is seeking partners in Armenia to develop garment production projects. Vietnam is the first country to sign a free trade agreement with the Eurasian Economic Union that includes Armenia. Vietnam will consider production and business cooperation with big companies of Armenia that already have distribution networks in Russia and the EU. Vietnam will mainly contribute machinery and production administration.

Armenia has expressed its desire to cooperate with major firms with much experience in production management so as to revive the local garment industry and boost export. Armenia will encourage investment attraction, create favorable conditions for foreign investors, and provide special mechanisms for Vietnamese investors through cooperation policies, multilateral and bilateral cooperation agreements, and granting of work visas.

Some 94 businesses are operating in the textile and garment industry of Armenia. The country exported 50 million dollars and imported 170 million dollars of textile and garment products in 2014. Armenian companies specialising in clothing, knitting and textile processing co-operate with European and American partners, while their main export markets remain the CIS states. They have substantial experience in cut, make and trim and full package contracting. Textiles are one of the oldest branches of the Armenian economy, and accounted for over one quarter of the total workforce during the Soviet era.